Posted To: Mortgage Rate WatchMortgage rates have only been moving higher gradually , but things are adding up . Today’s move brings them to the highest levels in nearly a month. In recent weeks, I’ve made it a point to qualify the actual pace of the movement by drawing a distinction between actual interest rates and the upfront costs associated with those rates. Because mortgage lenders tend to offer rates in 0.125% increments , it takes a certain amount of market movement before the average loan applicant would see a change in their quoted rate. But bond markets are moving every day. Upfront costs allow lenders a way to fine tune a loan quote. How many days can we see small increases in these upfront costs before actual interest rates begin to change? As it happens, today is probably the first day where a majority of…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631